Chubb expects pre-tax losses of up to $300m from hurricane Milton

Global property and casualty insurer Chubb has disclosed losses of approximately $250-300 million pre-tax and $208-250 million after-tax, net of reinsurance and including reinstatement premium, in its Q4 2024 results stemming from Hurricane Milton.

Chubb confirmed that these estimates include losses from its commercial and personal, property and casualty insurance businesses, and reinsurance operations.

The insurer reported losses from Hurricane Helene of $250 million in its Q3 2024 results last week.

Despite the hike in losses, Chubb generated Q3 2024 P&C underwriting income of $1.46 billion, an increase of 11.7% year on year, with a combined ratio of 87.7%.

The firm’s total pre-tax catastrophe losses reported for Q3 2024 were $765 million, compared to $670 million last year.

Hitting a new record, Chubb’s P&C current accident year underwriting income excluding catastrophe losses was $1.98 billion, up 11.5%, with a combined ratio of 83.4%.

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